May 21, 2014 / 7:01 AM / 4 years ago

CVC to buy majority stake in HK serviced office company

HONG KONG, May 21 (Reuters) - CVC Capital Partners Ltd has agreed to acquire a majority stake in Hong Kong-based serviced office provider The Executive Centre Ltd from Headland Capital Partners.

London-based CVC did not disclose the deal’s value. Executive Centre generates more than $100 million in revenues from operations in 10 Asian countries.

The investment will be CVC’s first from its new $3.5 billion Asia fund, which closed this week.

Headland Capital, a former Asia private equity unit of HSBC that was spun out of the bank in 2010, specialises in deals where it buys majority stakes.

HSBC Holdings Plc and Babson Capital provided financing to back CVC’s acquisition of the stake in Executive Centre.

Reporting by Stephen Aldred; Editing by Matt Driskill

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